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Thursday, November 15, 2012

Private insurer Max Life Insurance reports 6% growth

The first half of this fiscal (April 2012 – September 2012) reflected healthy figure for Max Life Insurance. Although most private players were not able to grab a profitable share, Max Life Insurance reported a 6% growth. The net profit for this period was INR 398 as compared to INR 375 for the corresponding period last fiscal.  The total premium stood at INR 2900 crore against INR 2872 crore from the last fiscal. Max Life Insurance is a joint venture between Max India and Mitsui Sumitomo, a leading general insurance company in the world.
CEO and Managing Director Rajesh Sud that the growth was primarily due to their advice based sales, diversified distribution channel, comprehensive product portfolio and superior customer experience through claims and complaint management.

Apart from the premium collection other parameters like Assets Under Management increased by 30% and the sum assured increased by 7%. Solvency surplus grew to 60% and the company’s paid up capital as on September 2012 was at INR 2127 crore. Overall the figures looks impressive despite the pressing times the insurance industry is facing due to economic and regulatory challenges.

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Wednesday, November 7, 2012

Common Third Party Administrator for the Indian PSU General Insurer

The general insurance companies have finally decided to bring an in house solution to the mounting pressure of Third Party Administrator (TPA) that’s curbing their profits drastically. The claims ratios or the percentage of claims to the premium earned of the public sector companies is over 120% and the insurers blame the TPA for these figures.

State run general insurance companies like New India Assurance, National India, United India and Oriental India Insurance have partnered with the country’s largest life insurer “Life Insurance Corporation of India” (LIC) and reinsurer “General Insurance Corporation of India” (GIC) to set up the TPA. Although there is an initial set up cost, the insurers are optimistic that the investment would eventually lead to profitability. Moreover the 5% commission which is collected by the TPAs would now be transferred to the policyholders. This would help bring down the insurance premium. The new TPA could also result in market dominance by state-owned companies, which together account for over 80% of the TPA business

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